Sapphire Foods Subsidiary Wins Tax Appeal at ITAT

Sapphire Foods India Limited announced a favorable outcome in a tax litigation concerning its wholly-owned Sri Lankan subsidiary, Gamma Pizzakraft Lanka (Private) Limited. The Income Tax Department had appealed a previous favorable order from the CIT(A), Ranchi. The Income Tax Appellate Tribunal (ITAT) has now dismissed the Income Tax Department's appeal, upholding the CIT(A)'s order. This development resolves a significant tax dispute for the subsidiary, positively impacting the company's financial standing.